Pan African completed a definitive feasibility study on the Mogale Gold TSFs (the project) and announced the results of this study on 30 June 2022 (the study). The study demonstrated a compelling commercial project, with the potential to significantly increase the Group’s gold production (an increase in excess of 25% compared to Group annual production) over an initial LoM of 13 years. Remaining of the MSC TSFs has the potential to add further production upside and extend the LoM to 21 years.